Pharmaceutical Packaging Market worth $196.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 5, 2021 /PRNewswire/ -- According to the new market research report "Pharmaceutical Packaging Market by Raw Material (Plastics, Paper & paperboard, Glass, Metal), Type (Plastic Bottles, Blisters, Caps & Closures, Labels & Accessories, Pre-filled syringes), Drug Delivery, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Pharmaceutical Packaging Market size is projected to reach USD 196.8 billion by 2026 from USD 99.9 billion in 2021, at a CAGR of 14.5% during the forecast period.
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The increasing demand for pharmaceutical packaging in emerging markets owing to better access to healthcare, rising healthcare expenses, and growing consumer awareness regarding healthier lifestyle. Also, advanced drug delivery and innovative packaging solutions with higher patient convenience and compliance drive the market for pharmaceutical packaging. Increasing occurrence of chronic diseases such as cancer, infectious diseases, and others and rising aging population necessitating advanced and patient friendly packaging are also expected to drive the market for pharmaceutical packaging during the forecast period.
Based on raw material, plastics is estimated to be the largest market in the overall pharmaceutical packaging market in 2021
Plastics &polymers are widely used as raw materials for pharmaceutical packaging. Plastic provides freedom of design and cost-effective solution, making it a highly compatible solution for pharmaceutical packaging. The exceptional shatter resistance provided by plastics enables ease of handling and transportation. In addition, plastics can be attributed to their easy moldability, strength, and effective barrier against gas and vapor.
Based on type, plastic bottles is expected to be the largest pharmaceutical packaging segment in 2021
Plastic bottles are suitable for storage of drugs in liquid and solid forms and can be coupled with the required type of cap & closure to suit specific applications such as nasal spray and ophthalmic drops. Growing use of oral drug delivery mode owing to patient compliance and convenience, increasing cases of communicable diseases, and rise in aging population in developed economies are responsible for the high share of the bottles segment.
Based on drug delivery, oral drug delivery is expected to be the largest pharmaceutical packaging segment in 2021
Oral drug delivery mode is estimated to be the largest category in the overall pharmaceutical packaging market. This large market size can be attributed to the increased incidence of chronic diseases, improving patient compliance, convenient use, and reformulation and repositioning of drugs using advanced oral delivery systems, and heavy investments made by big pharmaceutical players for enhancing in-house capabilities to develop oral drug delivery technologies.
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Based on region, APAC is projected to grow the fastest in the pharmaceutical packaging market during the forecast period
APAC is projected to be the fastest-growing region amongst others in the pharmaceutical packaging market in 2020, in terms of value. Increasing government initiatives in emerging pharmaceutical market, increase in contract manufacturing activities, rise in aging population, and increased spending on healthcare are driving the market in APAC. China and India are the major markets in this region. In addition, growing technological advancements in healthcare sector in countries such as Singapore, China, Malaysia, Thailand, and others, increasing urbanization, and changing lifestyle are also some of the driving factors for the market growth in pharmaceutical packaging industry.
The key players in the pharmaceutical packaging market include Schott AG (Germany), Amcor (Switzerland), Aptar Group (US), West Pharmaceutical Services, Inc. (US), Berry Global (US), Gerresheimer AG (Germany), Catalent (US), and WestRock (US).
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